By 
Bola Tinubu has commended Olayemi Cardoso, Governor of the Central Bank of Nigeria, citing ongoing banking sector reforms as critical to stabilising the economy and strengthening long-term growth prospects.
Speaking following the March 31, 2026 recapitalisation deadline, the President described Cardoso as focused and deliberate, noting that recent policy measures—including foreign exchange adjustments and tighter regulatory oversight—are helping to restore investor confidence and reinforce financial system stability.
“I must single out one man here, Olayemi Cardoso… thank you for all that you are doing for the country,” Tinubu said, adding that the CBN governor’s grasp of policy timing and execution has been instrumental to the reform process.
The recapitalisation programme includes oversight of key intervention banks such as Union Bank of Nigeria, Polaris Bank, and Keystone Bank, which are yet to fully meet capital requirements due to ongoing legal and regulatory issues. The apex bank has, however, maintained that these institutions remain stable and fully operational.
An earlier audit by the CBN uncovered material concerns within Union Bank, leading to the removal of its board and senior management in January 2024—a decision that is currently subject to litigation, with the regulator pursuing an appeal.
Meanwhile, the proposed merger between Providus Bank and Unity Bank is progressing amid legal challenges, which are reported to be nearing resolution.
Recapitalisation efforts for Polaris Bank and Keystone Bank are also ongoing under close regulatory supervision, with both institutions expected to conclude the process once outstanding issues are resolved.
Under the new framework, the CBN introduced significantly higher capital thresholds, including ₦500 billion for international banking licences and ₦200 billion for national banks, marking a major shift in Nigeria’s banking regulatory landscape.
Comments